Stocks were sinking sharply on Monday as bank shares tumbled following a report on suspicious transactions and as investors worried a global recovery could be hampered by a rise in coronavirus infections and dimming prospects for another U.S. fiscal stimulus bill.
And bank shares were reeling in trading on Monday following a report that said JPMorgan Chase, and Deutsche Bank, among other financial services companies, had defied money laundering crackdowns even after being fined by U.S. authorities.
The report by the International Consortium of Investigative Journalists found five global banks moved "staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world."
Little progress has been made on a new coronavirus stimulus package as Republicans and Democrats remain in a stalemate. The negotiations could become even more complicated following the death of Supreme Court Justice Ruth Bader Ginsburg, as lawmakers prepare for what could be a historic nomination fight ahead of November's presidential election.
Jim Cramer has some advice for investors as the major indices remain down nearly 3% as of 12 p.m. ET Monday. While Cramer is cautiously doing some buying due the disciplines of his Action Alerts PLUS team, he said this kind of market environment isn't going anywhere. Watch the full video to hear the headwinds he said markets face ahead.
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